Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

News

IndyMac Bank Sold to Group of Investors

5b2c55f64488b3000927e7ac-original.jpg
LAist relies on your reader support, not paywalls.
Freely accessible local news is vital. Please power our reporters and help keep us independent with a donation today.

The symbol of the housing boom and bust, Pasadena based IndyMac Bank that was seized in July by the federal government, has been sold to a group of seven investors for $13.9 billion. "We have assembled a group of experienced private investors in financial services to acquire the former IndyMac and operate it under new management with extensive banking experience," Steven Mnuchin, the leader of the holding company that bought the bank, said in a statement. "We will inject significant private capital into IndyMac so that it can once again effectively serve its customers and communities."